v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting The following table presents the reportable segment profit or loss measure, NOI, for the three and six months ended June 30,
2026 and 2025 (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Reportable segment revenues:
Revenues from external customers
$629,674
$703,457
$1,250,933
$1,402,656
Other income
22,861
10,488
27,396
17,015
Reportable segment total revenues
652,535
713,945
1,278,329
1,419,671
Reportable segment total rental operating expenses
(211,334)
(212,402)
(423,992)
(424,838)
Reportable segment net operating income (reportable
segment profit or loss)
$441,201
$501,543
$854,337
$994,833
Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated Presented below is the reconciliation of the reportable segment total revenues to the consolidated revenues, the reportable
segment total rental operating expenses to consolidated rental operations, and the reportable segment NOI to the consolidated net
income (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Reconciliation of reportable segment revenues to
consolidated total revenues:
Reportable segment total revenues
$652,535
$713,945
$1,278,329
$1,419,671
All other revenues
10,249
48,095
55,477
100,527
Consolidated total revenues
$662,784
$762,040
$1,333,806
$1,520,198
Reconciliation of reportable segment total rental operating
expenses to consolidated rental operations:
Reportable segment total rental operating expenses
$(211,334)
$(212,402)
$(423,992)
$(424,838)
All other rental operating expenses
3,998
(12,031)
(7,486)
(25,990)
Consolidated rental operations
$(207,336)
$(224,433)
$(431,478)
$(450,828)
Reconciliation of reportable segment net operating income
to consolidated net (loss) income:
Reportable segment net operating income (reportable
segment profit or loss)
$441,201
$501,543
$854,337
$994,833
All other revenues
10,249
48,095
55,477
100,527
All other rental operating expenses
3,998
(12,031)
(7,486)
(25,990)
Other items not allocated to segments:
General and administrative
(36,861)
(29,128)
(71,546)
(59,803)
Interest expense
(64,342)
(55,296)
(128,926)
(106,172)
Depreciation and amortization
(304,384)
(346,123)
(609,825)
(688,185)
Impairment of real estate
(222,470)
(129,606)
(227,969)
(161,760)
Equity in earnings (losses) of unconsolidated real
estate joint ventures
413
(9,021)
266
(9,528)
Investment income (losses)
133,227
(30,622)
128,645
(80,614)
Gain on early extinguishment of debt
—
—
366,435
—
Gain on sales of real estate
—
—
—
13,165
Consolidated net (loss) income
$(38,969)
$(62,189)
$359,408
$(23,527)
Reconciliation of Investment in Real Estate from Segment to Consolidated
June 30, 2026
December 31, 2025
Reportable segment investments in real estate
$27,578,790
$27,510,082
All other investments in real estate
1,547,105
1,179,914
Consolidated investments in real estate
29,125,895
28,689,996
Consolidated assets not allocated to segments
5,506,331
5,391,839
Consolidated total assets
$34,632,226
$34,081,835